Risk Identification Worksheet and Paper, management homework help

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Complete the University of Phoenix Material: Risk Identification Scenarios worksheet. Insert the values, which correspond to the probability of those risks, and the impact of the risk events

For each risk scenario - write a 50 to 100 word description on how you would document and mitigate the risks you identified. Include references and in-text citation to support your application of risk identity, mitigation and rankings.

Format the worksheet by including in-text citation and a reference page consistent with APA guidelines.


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Risk Identification Scenarios CPMGT/302 Version 9 1 University of Phoenix Material Risk Identification Scenarios Review each of the following scenarios and identify the risk events, the probability of those risks, and the impact of the risk events. Some scenarios may have more risks than others. Scenario One A retail firm has a project that is focused on expansion into third-world countries to sell pharmaceutical products. The project timeline is, as always, aggressive. The scope is well documented and understood by the project team and key members of the firm. The firm is financially sound, with project funds secure; however, the stakeholders expect that the project will pay for itself within 2 years of deployment. Risk event Probability of risk event (1=high; 3=medium; 5=low) Impact of risk event (1=high; 3=medium; 5=low) Scenario Two A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions. One of the suppliers of a key component has longer lead time than is required to complete the pipeline, but may be able to deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time. Risk event Probability of risk event (1=high; 3=medium; 5=low) Impact of risk event (1=high; 3=medium; 5=low) Scenario Three A telecommunications company has just assigned you to be project manager for a product improvement project. The scope statement of the project simply says, “Make this product better.” The engineering team believes that they know how to make the product better and have ignored ideas from the sales team. The Copyright © 2016, 2014, 2013, 2011, 2010 by University of Phoenix. All rights reserved. Risk Identification Scenarios CPMGT/302 Version 9 project funds are secure, as the company believes that improving this product will give them strategic advantages. Risk event Probability of risk event (1=high; 3=medium; 5=low) Impact of risk event (1=high; 3=medium; 5=low) Copyright © 2016, 2014, 2013, 2011, 2010 by University of Phoenix. All rights reserved. 2 Risk Identification Scenarios CPMGT/302 Version 10 1 University of Phoenix Material Evaluation Purpose of Assignment The Week One assignment requires students to draw on information learned in the Week One readings regarding risk, risk management, and sources of risk. Students are then able to use a scenario to apply this knowledge to identify the risks in a given situation. Complete the University of Phoenix Material: Risk Identification Scenarios worksheet. Insert the values, which correspond to the probability of those risks, and the impact of the risk events For each risk scenario - write a 50 to 100 word description on how you would document and mitigate the risks you identified. Include references and in-text citation to support your application of risk identity, mitigation and rankings. Format the worksheet by including in-text citation and a reference page consistent with APA guidelines. Submit the completed University of Phoenix Material: Risk Identification Scenarios Worksheet Content Points Available Points Earned 18 X/18 Points Available Points Earned 2 X/2 Additional Comments: 90 Percent  All key elements of the assignment are covered in a substantive way. o All sources of risk are found in the given scenarios. o All sources of risk are correctly identified. Mechanics 10 Percent  Rules of grammar, usage, and punctuation are Additional Comments: Risk Identification Scenarios CPMGT/302 Version 10 followed.  Spelling is correct.  Reference page with intext citation Due date: Follows Instructor Policy 10%: File naming convention – Y/N Total Available Total Earned 20 0 2
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Explanation & Answer

Running head: RISK EVENTS SCENARIOS

Risk Identification in Various Scenarios
Student’s Name
Institutional Affiliation

1

RISK EVENTS SCENARIOS

2
Risk Identification in Various Scenarios

Identification of risk is a process of establishing potential losses that an investment could
face; thus preventing such investments realizing the primary objective (Haimes, 2015). For
instance, an enterprise could face a risk of fire, natural calamities, such as flooding, as well as a
market risk due to high competition. Therefore, it is critical for any investment administrators to
identify the possible losses that could hinder the achievement of the main purpose of establishing
the business. The disquisition will entail the identification of possible risk in the various
investment scenarios; ranking the risks as well as the provision of mitigation process.
Scenario one
The investment scenario one consists of a pharmaceutical enterprise expansion to third
world economies. The table below depicts the potential losses events, the score on the probability
of the events occurring, as well as the rating on the possible impact.
Risk event
Political Risk

Probability of risk event
( High=1; Medium=3; Low=5)
1

Impact of risk event
( High=1; Medium=3; Low=5)
1

Market risk

1

1

Socio-economic risk

1

3

Natural calamities

5

3

Fire

5

1

Venturing into a new market in third world countries, the enterprise could face various
risk events, suc...


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